Observer Money

Staff Writer  Old Mutual Namibia has been named the Best of Namibia 2025 Winner in the insurance  service category.  The announcement was made on Tuesday in a press statement. The Best of Namibia Awards recognise brands and businesses across various industries, with winners chosen entirely by public vote.  Old Mutual also won the best short-term insurer award in 2024. The company said the recognition reflects the trust, confidence, and loyalty customers continue to place in the brand.  “With a legacy of over 100 years in Namibia, the company has built a reputation for delivering not only reliable insurance and financial…

Chamwe Kaira The newly elected steering committee of the SADC Tourism Alliance will focus on developing skills in Namibia’s tourism industry during its term. Tourism is Namibia’s fastest-growing economic sector, employing more than 100,000 people.  Tourist arrivals rose from 169 565 during the pandemic to 863 872 in 2023, according to the ministry of environment and tourism. The ministry was allocated N$797 million for the 2025/26 fiscal year. Regional tourism leaders have created a new governance structure to address barriers slowing the sector’s growth.  Intra-regional tourism accounts for less than 25% of arrivals, and air connectivity remains limited. The steering…

Chamwe Kaira Meat and beer became more expensive in July, official statistics show. The annual index for the ‘meat’ subcomponent rose by 10.3% in July, compared to 3.8% in July 2024. The Namibia Statistics Agency (NSA) attributed the rise mainly to beef prices, which climbed from 7% to 14.6%, minced meat from 4% to 12.6%, mutton and lamb from 1.9% to 12.2%, and sausages from 0.8% to 8.9%. Vegetable prices also surged. The index for vegetables, including potatoes and other tubers, rose by 9.7% in July compared to 4.6% a year earlier. Notable increases were recorded for cucumber (-17.5% to…

Staff Writer  Chevron has appointed Beatrice Bienvenu as country manager to lead its exploration activities in Namibia and West Africa. Bienvenu recently visited Windhoek in her new role and met with leaders from the Upstream Petroleum Unit in the presidency, the National Petroleum Corporation of Namibia (Namcor), the Petroleum Training and Education Fund (Petrofund), the US Embassy, and other institutions. “It was a privilege to travel to Namibia as Chevron’s new Country Manager to meet our key stakeholders,” Bienvenu said.  “It was an honour for me to share our positive experience in Namibia and highlight some of the factors that…

Chamwe Kaira  Letshego Holdings Namibia will pay a dividend of N$219.4 million, or 43.88 cents per share, to its ordinary shareholders, according to the company’s interim financial results for the period ending 30 June 2025.  The company, listed on the Namibia Stock Exchange (NSX), declared the interim dividend on 1 August, pending regulatory approval. Salient dates will be announced once approval is obtained. The results showed a 24.6% increase in profit after tax, rising to N$248 million from N$199 million in the six months ending 30 June 2024. Operating profit grew to N$284 million from N$219 million during the same…

Chamwe Kaira  The Bank of Namibia’s international reserves increased by 3.8% to N$59.6 billion at the end of June.  This rise was mainly driven by net inflows from commercial banks and customer foreign currency (CFC) placements. The reserves cover 3.9 months of imports, or 4.8 months excluding oil exploration and appraisal activities. Namibia’s banking industry cash balances fell further in June. Commercial banks held N$6.1 billion in cash, down from N$8.5 billion in May, primarily due to corporate tax payments made at the end of the month. Growth in broad money supply slowed in June. Annual growth in M2 decreased…